SOLUTION: Please help me understand this and solve. Thanks! Maya has deposited $600 in an account that pays 5.64% interest, compounded continuously. How long will it take for her money to

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Question 140094: Please help me understand this and solve. Thanks!
Maya has deposited $600 in an account that pays 5.64% interest, compounded continuously. How long will it take for her money to double?
Answer by scott8148(5896) (Show Source):
You can put this solution on YOUR website!
the formula you need is A=Pe^(rt)
__ A is the Amount after time t
__ P is the Principal you start with
__ e is Euler's number (the base for natural logarithms)
__ r is the rate of interest
__ r and t have to use the same time units

1200=600e^(.0564t) __ dividing by 600 __ 2=e^(.0564t)

taking natural log __ ln(2)=.0564t __ dividing by .0564 __ [ln(2)]/.0564=t